13 June 2013drilling result▼ Bad
Mills-1 in PEL 92 (Beach 75% operator) was dry at 1,900m, the third dry exploration well after Sharples-1 and Wyomi-1. Next is Hooper-1, expected late July, near the Rincon discoveries.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
7 June 2013drilling spud● Neutral
Cooper Energy reports Mills-1 spudded 6 June in PEL 92 (Beach 75% operator), targeting the Namur Sandstone to 1,845m in the south of the permit, ahead of the November 2013 50% relinquishment.
6 June 2013admin correction● Neutral
Beach revises its 5 June drilling table so Sceale-1 in PEL 91 shows as cased and suspended, matching its report text. No new results.
5 June 2013drilling progress report▲ Good
Drillsearch's May report (Beach's PEL 91 partner) repeats Sceale-1 oil discovery (830 bopd, ~200,000 bbl gross 2P) and Bauer-10 (11m oil). Congony-1 was drilling at 1,987m with shows. Smoky-1 dry. Largely confirms Beach's own update.
5 June 2013drilling progress report▲ Good
Beach's May report: Sceale-1 in PEL 91 is an oil discovery, with a 6m column and 830 bopd tested. Callawonga-7 and -8 are cased as producers. Hervey-1 and Keppel-1 are drilling. PEL 218 is now shown as Beach 70%, Chevron 30%.
3 June 2013drilling spud● Neutral
Icon reports Keppel-1 in ATP 855 spudded 3 June, targeting more than 4,500m, 25 km north-east of Halifax-1. Hervey-1 is drilling at 1,404m. Beach is 42% operator.
27 May 2013drilling spud● Neutral
Icon reports Hervey-1 in ATP 855 spudded 26 May, targeting about 4,200m, 30 km east of Halifax-1. Interests are Icon 40%, Beach 42% operator, Chevron 18% (subject to approval). Repeats Beach's update.
27 May 2013drilling progress report● Neutral
Beach updates its deep gas program: Boston-2 (3,803m) and Dashwood-1 (4,021m) are drilled, and Moonta-1 is down to 0.5 MMscfd. Halifax-1 is at 1.1 MMscfd, down from 1.7. Hervey-1 spudded 26 May, and the second frac program began at Marble-1.
23 May 2013farm in farm out agreement▲ GoodMajor
Beach agrees key terms to farm into 50% of Bengal Energy's ATP 732 (Tookoonooka) in Queensland's Cooper Basin. Beach funds 100% of two wells and about 300 km2 of 3D seismic up to a cap. Subject to documentation and due diligence.
23 May 2013drilling result▲ Good
Cooper Energy reports Callawonga-8 in PEL 92 (Beach 75% operator) found 7m of gross oil and will be cased as a producer. The rig returns to drill two more exploration wells in the permit before the end of June.
16 May 2013asset acquisition disposition● Neutral
NZ Oil & Gas has acquired 50% of Canterbury Basin permit PEP 52717 (Clipper) from a Beach subsidiary and will operate it. Partners commit to at least 600 km2 of 3D seismic by October 2014. Subject to regulatory approval.
13 May 2013drilling result▲ Good
Cooper Energy reports Callawonga-7 in PEL 92 (Beach 75% operator) reached 1,705m and will be cased as an oil producer. It is the first of two development wells meant to speed up Callawonga field production.
13 May 2013farm in farm out completion▲ GoodMajor
Chevron's first-stage farm-in is settled: 30% of PEL 218 and 18% of ATP 855, with cash paid. Beach now has about A$400m cash. Formal state approvals are still pending. This completes the deal signed 25 February.
8 May 2013drilling progress report● Neutral
Beach's April report: Kalladeina-2 tested 986 bopd and is cased as a producer, Rincon North-1 found a 7m oil column, and Smoky-1 was dry. Callawonga-7 is drilling; Dashwood-1 reached 4,021m. Confirms the earlier results.
2 May 2013drilling result▲ GoodMajor
Drillsearch reports Kalladeina-2 in PEL 91 (Beach 40% operator) is a new oil discovery, with 5m net pay confirmed and about 400,000 bbl gross 2P estimated. Smoky-1 spudded 28 April. The Bauer pipeline is operating.
2 May 2013drilling result▼ Bad
Cooper Energy reports Wyomi-1 in PEL 92 (Beach 75% operator) was plugged and abandoned at 1,816m with no significant shows. Second dry well after Sharples-1; the rig now moves to Callawonga-7 and -8 development wells.
1 May 2013drilling progress report● Neutral
Senex's April report covers its own wells. For Beach's 40% Growler/Snatcher JV: Growler-5 is back on production after a workover, and Snatcher-9 completion has begun, with production expected at the start of the September quarter.
1 May 2013production update▲ Good
Drillsearch says the Bauer-to-Lycium oil pipeline was commissioned on 29 April and is now in commercial operation. PEL 91 (Beach 40% operator) output is expected to rise to 10,000 bopd gross. This delivers the pipeline flagged earlier.
30 Apr 2013quarterly activities report● Neutral
March quarter: production 1.8 MMboe (down 2%), revenue A$155.6m, cash A$245m. Chevron farm-in to PEL 218 and ATP 855 signed (Stage 1: 30% PEL 218, 18% ATP 855), and the PEL 106B gas sales agreement started 19 March.
24 Apr 2013production update▲ Good
Drillsearch says Hanson oil field in PEL 91 (Beach 40% operator) began production at about 700 bopd from the McKinlay Formation. Oil is trucked to Bauer until the pipeline starts. The discovery well was completed in January 2012.
22 Apr 2013drilling result▲ GoodMajor
Cooper Energy reports Rincon North-1 is an oil discovery in PEL 92 (Beach 75% operator), with a gross oil column of up to 7m. Sharples-1 reached 1,961m with no significant shows and will be plugged and abandoned. Wyomi-1 is next.
19 Apr 2013production update▲ GoodMajor
Drillsearch (60% partner) says commissioning of the Bauer-to-Lycium oil pipeline starts the week of 22 April. The pipeline has 10,000 bopd capacity; PEL 91 output is expected to reach about 10,000 bopd gross by early May, up from trucking limits. This delivers the Bauer pipeline.
17 Apr 2013drilling progress report● NeutralMajor
Beach updates its unconventional program: Moonta-1 is down to 0.7 MMscfd after four months, Halifax-1 is at 1.7 MMscfd, and the second batch frac is delayed to May. PEL 218 and ATP 855 are described as pending Chevron farm-in; pilot production is now toward end of 2014.
17 Apr 2013drilling result▲ Good
Rincon North-1 in PEL 92 will be cased for future oil production after a drill stem test confirmed further McKinlay pay (10.5 barrels recovered, no flow to surface). Beach is 75% operator.
17 Apr 2013flow test result● Neutral
Icon, Beach's 40% partner in ATP 855P, says Halifax-1's 4.2 MMscfd peak overheated the wellhead because of a faulty gauge. It now flows 1.7 MMscfd unconstrained. Icon calls it proof of concept; Hervey-1 is planned for early May.
15 Apr 2013drilling result▲ Good
Cooper Energy reports Rincon North-1 (PEL 92, Beach 75% operator) reached 1,899m with up to 2m of oil pay on logs, and the McKinlay will be production tested. Sharples-1 spudded 13 April.
10 Apr 2013material agreement▲ GoodMajor
Beach signs its first separately marketed Cooper Basin gas contract: up to about 139 PJ to Origin over eight years, extendable two years to about 173 PJ. Supply starts July 2014 to June 2015, with oil-linked pricing. Implementation is conditional on operator acceptance.
10 Apr 2013material agreement▲ Good
Origin confirms its conditional agreement to buy up to 139 PJ of Beach's Cooper Basin gas, up to 17 PJ a year for eight years from FY2015, with a two-year extension option. Same deal as Beach's release.
8 Apr 2013drilling spud● Neutral
Cooper Energy reports Rincon North-1 in PEL 92 (Beach 75% operator) spudded 6 April, targeting the Namur Sandstone near the 2011 Rincon-1 oil discovery. It is the first well of the six-well campaign.
5 Apr 2013drilling progress report▲ Good
Drillsearch's March report: Kalladeina-2 (Beach 40%) has good oil shows in mud logs in the primary target. Bauer-to-Lycium pipeline commissioning planned early May. Wet gas production resumed 17 March; Canunda tie-in due June quarter. Mostly repeats known operator information.